+0.27(+0.44%)

-5.90(-0.44%)

-0.20(-1.17%)

-0.01(-0.71%)

Seattle Genetics (SGEN) announced that it has entered into a new antibody-drug conjugate collaboration with Bayer HealthCare (BAYRY). Under the latest relationship, Bayer will pay upfront and option exercise fees of up to $20M for worldwide rights to utilize Seattle Genetics’ auristatin-based ADC technology with antibodies to several oncology targets. Seattle Genetics is also eligible to receive up to approximately $500M in potential milestone payments, as well as royalties on worldwide net sales of any resulting products under the multi-target collaboration. Bayer is responsible for research, product development, manufacturing and commercialization of all products under the collaboration.